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Black Box
SectorInformation Technology
In the news
Black Box shows interest in Nasdaq-listed Aeries Technology
Nifty hits 5-week low, drops 4% in 1 month amid bearish signals
Dynacons vs Black Box: Two Paths to AI Infrastructure Growth
Black Box Q1 profit jumps 18% to ₹56 cr, shares soar 9%
BSE 'A' group gains led by Black Box's 10% surge amid market recovery
Black Box-AIONOS Strategic Alliance Targets $100M Revenue
Black Box shares surge 78% as Q4 profit rises 7% to ₹64.76 crore
Black Box stock surges 90% on AI data center boom
The Quarter story
The two most recent quarterly results, compared side-by-side.
Order book surges to multi-year highs while margins hold steady, though rising client concentration and lumpy revenue recognition warrant attention.
Order backlog surged from ₹518 Cr to ₹8,986 Cr from Q1 FY26 to Q1 FY27 — massive pipeline secures multi-quarter revenue visibility
Top 10 client concentration rose from 47% to 51% from Q1 FY26 to Q1 FY27 — growing dependency on a few accounts increases revenue risk
EBITDA margin expanded from 8.4% to 9.3% from Q1 FY26 to Q1 FY27 — consistent cost control drives stronger operational efficiency
Other expenses increased from ₹323 Cr to ₹364 Cr from Q1 FY26 to Q1 FY27 — persistent operational costs squeeze net margins
North America revenue share grew from 66% to 69% from Q1 FY26 to Q1 FY27 — dominant regional focus continues to anchor sales
Revenue normalized from ₹6,322 Cr to ₹1,719 Cr from Q4 FY26 to Q1 FY27 — lumpy project recognition creates earnings unpredictability
Technology industry share rose from 22% to 27% from Q1 FY26 to Q1 FY27 — digital infrastructure demand fuels steady segment growth
Exceptional charges worsened from -₹13 Cr to -₹19 Cr from Q1 FY26 to Q1 FY27 — recurring one-time costs drag down bottom-line results
Gross profit climbed from ₹428 Cr to ₹524 Cr from Q1 FY26 to Q1 FY27 — resilient pricing power maintains healthy top-line margins
APAC revenue share fell from 12% to 8% from Q1 FY26 to Q1 FY27 — regional demand softening reduces geographic diversification
Company insights, generated from the most recent coverage.
Debt-to-equity around 1.02 on ₹1,153 Cr of debt makes Black Box unusually levered for an IT services name; with the RBI having just hiked the repo rate, interest cost is a direct headwind to already-thin 9% EBITDA margins.
Broke out of a three-week consolidation and now trades above every key average (EMA20 ₹881, EMA50 ₹874, SMA200 ₹870) with ADX at 33.3 and MACD positive — trend-followers have a clean technical signal.
Management is guiding FY27 revenue of ₹7,800-8,000 Cr with H2 growth of 30-40% YoY and bookings of $1.3-1.4 bn — a step-up from the 22-25% growth pace implied earlier, so H2 execution is now the swing factor.